Saxena White P.A. is Lead Counsel in securities fraud class action suit against Sadia S.A. in the Southern District of New York.
Boca Raton, January 28, 2009—Saxena White P.A. has been appointed Lead Counsel in a suit on behalf of shareholders of Sadia S.A. (“Sadia” or the “Company”) (NYSE: SDA and Sao Paolo: SDIA4 BZ) in the United States District Court for the Southern District of New York.
The ongoing litigation seeks damages for violations of federal securities laws on behalf of all investors who purchased Sadia S.A American Depository Receipts (ADR’s) and/or common stock between May 1, 2008 through September 26, 2008, inclusive (the “Class Period”). Sadia is a producer and marketer of food products and exports their products throughout the world.
During the Class Period, Sadia entered into undisclosed currency derivative contracts to purportedly hedge against the Company’s U.S. dollar exposure. The Company characterized the amounts of these contracts as “nominal.” However, these contracts violated Company policy in that they were far larger than necessary to hedge normal business operations and resulted in a loss of $365 million.
As a result of Defendants’ admission of violating Company policy regarding currency hedging, the American Depository Receipts of Sadia S.A. closed at $9.50 per share, down from the previous day’s close of $15.27, a decline of 38%.
You may obtain a copy of the complaint from the Court, by contacting Saxena White P.A. through its website www.saxenawhite.com, by emailing jwhite@saxenawhite.com or gstone@saxenawhite.com, or by calling (561) 394-3399
Saxena White P.A.
2424 North Federal Highway
Suite 257
Boca Raton, FL 33431
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com
Saxena White P.A, which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
